MotorCycle Holdings (MTO) is a new addition to the portfolio which we believe is well positioned to deliver solid returns for shareholders over the coming years. MTO is Australia’s largest motorcycle dealership, operating 34 franchises from 24 locations in QLD, NSW and ACT. The company primarily engages in the sale of new and used motorcycles as well as parts and accessories, motorcycle servicing, and the facilitation of allied consumer finance and insurance. MTO’s core customer is the leisure/recreational rider. MTO has a leading product offering, representing a broad range of motorcycle manufacturers (8 of the top 10 selling motorcycle manufacturers in Australia for new sales and all of the top 10 in used).